EUR/JPY forecast for the week of September 17, 2012, Technical Analysis
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The EUR/JPY pair rose quite impressively over the previous five sessions as the 100 handle has given way. More portly, the 101.50 level has given way as well, and this suggests that we are breaking out to the upside.
The 103 handle is where we currently are testing, and it does look like there’s possible resistance in this general vicinity. However, this will be of the minor variety, and we should see this market go much higher. 105 is probably the next level we will test seriously, and then possibly as high as 110 or so.
However, we are a bit overextended so we are currently looking for some type of pullback from which to buy this currency pair. Supportive candles on the four hour or daily charts will be used for entry, as we think as long as we can stay above 101, we are going higher.
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Christopher is a part of the FXEmpire.com analysis team. He writes Forex and Commodities technical analyses on daily and weekly basis. Christopher writes his analyses in a professional and yet simple to understand manner. His analyses are available in both text and videos.
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